Falcon's Hungarian Well Begins Testing Operations

Junior explorer Falcon Oil & Gas reported Monday that well testing operations on the Kutvolgy-1 well in Hungary have begun.

The objectives of the testing are to determine reservoir quality and gas productivity from the target Algyo formation that was encountered by Kutvolgy-1, Falcon said. Testing operations are expected to take three months.

Kutvolgy-1 is the first of a three-well drilling and testing program that is fully funded by Falcon's partner, Naftna Industrija Srbije.

Falcon CEO Philip O'Quigley commented in a company statement:

"We are pleased to confirm that well testing operations on our Kutvolgy-1 well have commenced. Technical evaluation of the well results obtained so far indicate possible gas pay zones in the Algyo formation that will be tested in the coming weeks."

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